Brown Forman Inc

The S&P 500 Index ($SPX) (SPY) on Thursday closed up by +0.32%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up by +0.16%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up by +0.58%. September E-mini S&P futures (ESU25) rose +0.32%, and September E-mini Nasdaq futures (NQU25) rose +0.56%.
Stock indexes rallied on Thursday, with the S&P 500 posting a new all-time high and the Nasdaq 100 posting a 1.5-week high. Signs that the US economy is holding up pushed stock prices higher on Thursday after Q2 GDP was revised higher than expected, showing the economy expanded more than initially estimated. Also, US weekly initial unemployment claims fell as expected, easing concerns about the labor market. Strength in software stocks and chip makers led the overall market higher on Thursday.
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Limiting gains in stocks on Thursday was some disappointing earnings news. Hormel Foods fell more than -13% after reporting weaker-than-expected Q3 adjusted EPS and forecasting Q4 adjusted EPS below consensus. Additionally, there's some weakness in AI stocks following Nvidia's sales forecast, which fell short of lofty expectations. Nvidia fell -0.79% after reporting weaker-than-expected Q2 data center revenue and giving a revenue forecast that was seen as underwhelming.
US Q2 GDP was revised upward to +3.3% (q/q annualized) from the previously reported +3.0%, stronger than expectations of +3.1%.
US weekly initial unemployment claims fell -5,000 to 229,000, close to expectations of 230,000.
US Jul pending home sales fell -0.4% m/m, weaker than expectations of -0.2% m/m.
Regarding tariffs, President Trump late Monday threatened to impose new tariffs and export restrictions on advanced technology and semiconductors in retaliation against other nations' digital services taxes that hit American companies. Last week, Mr. Trump widened steel and aluminum tariffs to include more than 400 consumer items that contain the metals, such as motorcycles, auto parts, furniture components, and tableware. The change went into effect last Monday and did not exclude goods already in transit.
In other recent tariff news, Mr. Trump on August 13 extended the tariff truce with China for another 90 days until November. On August 6, Mr. Trump announced that he will double tariffs on US imports from India to 50% from the current 25% tariff, due to India's purchases of Russian oil. According to Bloomberg Economics, the average US tariff will rise to 15.2% if rates are implemented as announced, up from 13.3% earlier, and significantly higher than the 2.3% in 2024 before the tariffs were announced.
The markets this week are focusing on any fresh tariff news or developments on ending the Ukraine-Russian war. On Friday, July personal spending is expected to climb +0.3% m/m, and July personal income is expected to rise +0.4% m/m. Also, the July core PCE price index, the Fed's preferred inflation gauge, is expected to climb +0.2% m/m and +2.9% y/y. In addition, the Aug MNI Chicago PMI is expected to fall -0.6 to 46.5. Finally, the University of Michigan's final-Aug US consumer sentiment index is expected to be unrevised at 58.6.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 86% at the next FOMC meeting on September 16-17. The markets are discounting the chances at 53% for a second -25 bp rate cut at the following meeting on October 28-29.
Earnings reports indicate that S&P 500 earnings for Q2 are on track to rise +9.1% y/y, much better than the pre-season expectations of +2.8% y/y and the most in four years, according to Bloomberg Intelligence. With Q2 earnings season winding down, over 95% of S&P 500 firms having reported Q2 earnings, about 82% of companies exceeded profit estimates.
Overseas stock markets on Thursday settled higher. The Euro Stoxx 50 closed up +0.07%. China's Shanghai Composite closed up +1.14%. Japan's Nikkei Stock 225 closed up +0.73%.
Interest Rates
September 10-year T-notes (ZNU5) on Thursday closed up +4 ticks, and the 10-year T-note yield fell -2.3 bp to 4.209%.
Sep T-notes climbed to a 4-month nearest-futures high on Thursday, and the 10-year T-note yield fell to a 2-week low of 4.201%. T-notes moved higher on Thursday, benefiting from positive carryover from Wednesday, when New York Fed President Williams stated that at some point, it will be appropriate for the Fed to move rates down, as it is still in a "modestly restrictive" stance on policy.
Gains in T-notes are limited after the US Q2 GDP was revised higher than expected and after weekly jobless claims declined as expected, which are hawkish factors for Fed policy. Also, weak demand for the Treasury's $44 billion auction of 7-year T-notes was bearish for T-note prices as the auction had a bid-to-cover ratio of 2.49, weaker than the 10-auction average of 2.66.
European government bond yields on Thursday moved lower. The 10-year German bund yield fell to a 2-week low of 2.679% and finished down -0.5 bp to 2.695%. 10-year UK gilt yield fell -3.6 bp to 4.699%.
The Eurozone's August economic confidence indicator unexpectedly fell -0.5 to 95.2, weaker than expectations of an increase to 96.0.
Eurozone July new car registrations rose 7.4% year-over-year to 914,680, the biggest increase in 15 months.
The summary of the July 23-24 ECB meeting showed that policymakers deemed the risks to inflation to be "broadly balanced" and that the Eurozone economy has so far remained resilient to headwinds ranging from tariffs to wars.
Swaps are discounting the chances at 3% for a -25 bp rate cut by the ECB at the September 11 policy meeting.
US Stock Movers
Chipmakers rallied on Thursday to provide support to the broader market. Marvell Technology (MRVL) closed up more than +4%, and Micron Technology (MU) and Broadcom (AVGO) closed up more than +3%. Also, Advanced Micro Devices (AMD), Applied Materials (AMAT), and NXP Semiconductors NV (NXPI) closed up more than +1%.
Snowflake (SNOW) closed up more than +18% to lead software stocks higher after reporting Q2 product revenue of $1.09 billion, better than the consensus of $1.04 billion, and raising its 2026 product revenue forecast to $4.40 billion from a previous estimate of $4.33 billion, stronger than the consensus of $4.34 billion. Also, Datadog (DDOG) closed up more than +6% to lead gainers in the S&P 500 and Nasdaq 100, and MongoDB (MDB) closed up more than +7%. In addition, Cloudflare (NET) closed up more than +3% and Atlassian (TEAM) closed up more than +2%. Finally, Salesforce (CRM) closed up more than +1% to lead the gainers in the Dow Jones Industrials.
Pure Storage (PSTG) closed up more than +31% after reporting Q2 revenue of $861 million, above the consensus of $845.9 million, and raising its 2026 revenue forecast to $3.60 billion-$3.63 billion from a previous forecast of $3.52 billion, stronger than the consensus of $3.52 billion.
Phibro Animal Health Corp (PAHC) closed up more than +18% after forecasting 2026 net sales of $1.43 billion to $1.48 billion, above the consensus of $1.42 billion.
Agilent Technologies (A) closed up more than +5% after reporting Q3 net revenue of $1.74 billion, above the consensus of $1.67 billion, and raising its full-year revenue estimate to $6.91 billion-$6.93 billion from a previous estimate of $6.73 billion-$6.81billion.
HP Inc. (HPQ) closed up more than +4% after reporting Q3 net revenue of $13.93 billion, better than the consensus of $13.74 billion.
Burlington Stores (BURL) closed up more than +4% after reporting Q2 adjusted EPS of $1.59, well above the consensus of $1.27, and raising its full-year adjusted EPS forecast to $9.19-$9.59 from a previous forecast of $8.70-$9.30, the midpoint above the consensus of $9.26.
Five Below (FIVE) closed up more than +3% after reporting Q2 comparable sales rose +12.4%, stronger than the consensus of +9.14%, and raising its full-year net sales forecast to $4.44 billion-$4.52 billion from a previous forecast of $4.33 billion-$4.42 billion.
Hormel Foods (HRL) closed down more than -13% to lead losers in the S&P 500 after reporting Q3 adjusted EPS of 35 cents, below the consensus of 40 cents, and forecasting Q4 adjusted EPS of 38 cents-40 cents, weaker than the consensus of 49 cents.
Nvidia (NVDA) closed down -0.79% after reporting Q2 data center revenue of $41.10 billion, below the consensus of $41.29 billion.
Cooper Cos (COO) closed down more than -12% after cutting its full-year revenue forecast to $4.08 billion-$4.10 billion from a previous forecast of $4.11 billion-$4.15 billion, weaker than the consensus of $4.12 billion.
Veeva Systems (VEEV) closed down more than -7% after reporting Q2 adjusted gross margin of 77.5%, below the consensus of 78.2%.
Nutanix (NTNX) closed down more than -5% after forecasting Q1 revenue of $670 million-$680 million, the midpoint below the consensus of $677 million.
Brown-Forman (BF.B) closed down more than -4% after reporting Q1 EPS of 36 cents, below the consensus of 37 cents.
Best Buy (BBY) closed down more than -3% despite reporting better-than-expected Q2 EPS after warning that tariffs continue to weigh on its business ahead of the crucial holiday season.
Earnings Reports(8/29/2025)
Lionsgate Studios Corp (LION).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

S&P 500 Posts a New Record High on a Resilient US Economy

The worst performing sector as of midday Thursday is the Consumer Products sector, showing a 1.0% loss. Within that group, Hormel Foods Corp. (Symbol: HRL) and Brown-Forman Corp (Symbol: BF.B) are two large stocks that are lagging, showing a loss of 12.9% and 5.2%, respectively. Among consumer products ETFs, one ETF following the sector is the iShares U.S. Consumer Goods ETF (Symbol: IYK), which is down 0.6% on the day, and up 7.26% year-to-date. Hormel Foods Corp., meanwhile, is down 16.69% year-to-date, and Brown-Forman Corp, is down 22.84% year-to-date. HRL makes up approximately 0.3% of the underlying holdings of IYK.
The next worst performing sector is the Healthcare sector, showing a 0.9% loss. Among large Healthcare stocks, Cooper Companies, Inc. (Symbol: COO) and Bio-Techne Corp (Symbol: TECH) are the most notable, showing a loss of 10.6% and 4.7%, respectively. One ETF closely tracking Healthcare stocks is the Health Care Select Sector SPDR ETF (XLV), which is down 0.6% in midday trading, and down 0.20% on a year-to-date basis. Cooper Companies, Inc., meanwhile, is down 27.97% year-to-date, and Bio-Techne Corp, is down 25.25% year-to-date. Combined, COO and TECH make up approximately 0.4% of the underlying holdings of XLV.
Comparing these stocks and ETFs on a trailing twelve month basis, below is a relative stock price performance chart, with each of the symbols shown in a different color as labeled in the legend at the bottom:
Here's a snapshot of how the S&P 500 components within the various sectors are faring in afternoon trading on Thursday. As you can see, two sectors are up on the day, while six sectors are down.
Technology & Communications
+0.6%
Also see:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Thursday Sector Laggards: Consumer Products, Healthcare

The S&P 500 Index ($SPX) (SPY) today is up by +0.03%, the Dow Jones Industrials Index ($DOWI) (DIA) is down by -0.22%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up by +0.40%. September E-mini S&P futures (ESU25) are up +0.02%, and September E-mini Nasdaq futures (NQU25) are up +0.35%.
Stock indexes are trading mostly higher today, with the S&P 500 posting a new all-time high and the Nasdaq 100 posting a 1-week high. Signs that the US economy is holding up are a supportive factor for stocks today after Q2 GDP was revised higher than expected, showing the economy expanded more than initially estimated. Also, US weekly initial unemployment claims fell as expected, easing concerns about the labor market.
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Limiting gains in stocks today is some disappointing earnings news. Hormel Foods is down more than -13% after reporting weaker-than-expected Q3 adjusted EPS and forecasting Q4 adjusted EPS below consensus. Additionally, there’s some weakness in technology stocks following Nvidia’s sales forecast, which fell short of lofty expectations. Nvidia is down more than -1% after reporting weaker-than-expected Q2 data center revenue and giving a revenue forecast that was seen as underwhelming.
US Q2 GDP was revised upward to +3.3% (q/q annualized) from the previously reported +3.0%, stronger than expectations of +3.1%.
US weekly initial unemployment claims fell -5,000 to 229,000, close to expectations of 230,000.
US Jul pending home sales fell -0.4% m/m, weaker than expectations of -0.2% m/m.
Regarding tariffs, President Trump late Monday threatened to impose new tariffs and export restrictions on advanced technology and semiconductors in retaliation against other nations’ digital services taxes that hit American companies. Last week, Mr. Trump widened steel and aluminum tariffs to include more than 400 consumer items that contain the metals, such as motorcycles, auto parts, furniture components, and tableware. The change went into effect last Monday and did not exclude goods already in transit.
In other recent tariff news, Mr. Trump on August 13 extended the tariff truce with China for another 90 days until November. On August 6, Mr. Trump announced that he will double tariffs on US imports from India to 50% from the current 25% tariff, due to India’s purchases of Russian oil. According to Bloomberg Economics, the average US tariff will rise to 15.2% if rates are implemented as announced, up from 13.3% earlier, and significantly higher than the 2.3% in 2024 before the tariffs were announced.
The markets this week are focusing on any fresh tariff news or developments on ending the Ukraine-Russian war. On Friday, July personal spending is expected to climb +0.3% m/m, and July personal income is expected to rise +0.4% m/m. Also, the July core PCE price index, the Fed’s preferred inflation gauge, is expected to climb +0.2% m/m and +2.9% y/y. In addition, the Aug MNI Chicago PMI is expected to fall -0.6 to 46.5. Finally, the University of Michigan’s final-Aug US consumer sentiment index is expected to be unrevised at 58.6.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 88 at the next FOMC meeting on September 16-17. The markets are discounting the chances at 51% for a second -25 bp rate cut at the following meeting on October 28-29.
Earnings reports indicate that S&P 500 earnings for Q2 are on track to rise +9.1% y/y, much better than the pre-season expectations of +2.8% y/y and the most in four years, according to Bloomberg Intelligence. With Q2 earnings season winding down, over 95% of S&P 500 firms having reported Q2 earnings, about 82% of companies exceeded profit estimates.
Overseas stock markets today are higher. The Euro Stoxx 50 is up +0.18%. China’s Shanghai Composite closed up +1.14%. Japan’s Nikkei Stock 225 closed up +0.73%.
Interest Rates
September 10-year T-notes (ZNU5) today are up +2 ticks, and the 10-year T-note yield is down -1.0 bp to 4.225%.
Sep T-notes climbed to a 4-month nearest-futures high today, and the 10-year T-note yield fell to a 2-week low of 4.211%. T-notes are slightly higher today, benefiting from positive carryover from Wednesday, when New York Fed President Williams stated that at some point, it will be appropriate for us to move rates down, as we are still in a “modestly restrictive” stance on policy.
Gains in T-notes are limited after the US Q2 GDP was revised higher than expected and after weekly jobless claims declined as expected, which are hawkish factors for Fed policy. Also, supply pressures are weighing on T-notes as the Treasury will auction $44 billion of 7-year T-notes later today.
European government bond yields today are mixed. The 10-year German bund rebounded from a 2-week low of 2.679% and is up +0.3 bp to 2.703%. 10-year UK gilt yield is down -3.0 bp to 4.705%.
The Eurozone’s August economic confidence indicator unexpectedly fell -0.5 to 95.2, weaker than expectations of an increase to 96.0.
Eurozone July new car registrations rose 7.4% year-over-year to 914,680, the biggest increase in 15 months.
Swaps are discounting the chances at 3% for a -25 bp rate cut by the ECB at the September 11 policy meeting.
US Stock Movers
Chip makers are climbing today to provide support to the broader market. Micron Technology (MU) is up more than +3%, and Broadcom (AVGO) is up more than +2%. Also, Marvell Technology (MRVL), ARM Holdings Plc (ARM), and NXP Semiconductors NV (NXPI) are up more than +1%.
Snowflake (SNOW) is up more than +18% to lead software stocks higher after reporting Q2 product revenue of $1.09 billion, better than the consensus of $1.04 billion, and raising its 2026 product revenue forecast to $4.40 billion from a previous estimate of $4.33 billion, stronger than the consensus of $4.34 billion. Also, Datadog (DDOG) is up more than +5% to lead gainers in the S&P 500 and Nasdaq 100, and MongoDB (MDB) is up more than +5%. In addition, Cloudflare (NET) is up more than +3% and Atlassian (TEAM) is up more than +2%. Finally, Salesforce (CRM) is up more than +1% to lead gainers in the Dow Jones Industrials.
Pure Storage (PSTG) is up more than +29% after reporting Q2 revenue of $861 million, above the consensus of $845.9 million, and raising its 2026 revenue forecast to $3.60 billion-$3.63 billion from a previous forecast of $3.52 billion, stronger than the consensus of $3.52 billion.
Phibro Animal Health Corp (PAHC) is up more than +12% after forecasting 2026 net sales of $1.43 billion to $1.48 billion, above the consensus of $1.42 billion.
Burlington Stores (BURL) is up more than +6% after reporting Q2 adjusted EPS of $1.59, well above the consensus of $1.27, and raising its full-year adjusted EPS forecast to $9.19-$9.59 from a previous forecast of $8.70-$9.30, the midpoint above the consensus of $9.26.
HP Inc. (HPQ) is up more than +3% after reporting Q3 net revenue of $13.93 billion, better than the consensus of $13.74 billion.
Agilent Technologies (A) is up more than +3% after reporting Q3 net revenue of $1.74 billion, above the consensus of $1.67 billion, and raising its full-year revenue estimate to $6.91 billion-$6.93 billion from a previous estimate of $6.73 billion-$6.81billion.
Five Below (FIVE) is up more than +2% after reporting Q2 comparable sales rose +12.4%, stronger than the consensus of +9.14%, and raising its full-year net sales forecast to $4.44 billion-$4.52 billion from a previous forecast of $4.33 billion-$4.42 billion.
Hormel Foods (HRL) is down more than -13% to lead losers in the S&P 500 after reporting Q3 adjusted EPS of 35 cents, below the consensus of 40 cents, and forecasting Q4 adjusted EPS of 38 cents-40 cents, weaker than the consensus of 49 cents.
Nvidia (NVDA) is down more than -1% after reporting Q2 data center revenue of $41.10 billion, below the consensus of $41.29 billion.
Cooper Cos (COO) is down more than -12% after cutting its full-year revenue forecast to $4.08 billion-$4.10 billion from a previous forecast of $4.11 billion-$4.15 billion, weaker than the consensus of $4.12 billion.
Nutanix (NTNX) is down more than -7% after forecasting Q1 revenue of $670 million-$680 million, the midpoint below the consensus of $677 million.
Best Buy (BBY) is down more than -5% despite reporting better-than-expected Q2 EPS after warning that tariffs continue to weigh on its business ahead of the crucial holiday season.
Brown-Forman (BF.B) is down more than -5% after reporting Q1 EPS of 36 cents, below the consensus of 37 cents.
Veeva Systems (VEEV) is down more than -4% after reporting Q2 adjusted gross margin of 77.5%, below the consensus of 78.2%.
Earnings Reports(8/28/2025)
Affirm Holdings Inc (AFRM), Autodesk Inc (ADSK), Bath & Body Works Inc (BBWI), Best Buy Co Inc (BBY), Brown-Forman Corp (BF/B), Burlington Stores Inc (BURL), Dell Technologies Inc (DELL), Dick’s Sporting Goods Inc (DKS), Dollar General Corp (DG), Elastic NV (ESTC), Gap Inc/The (GAP), Hormel Foods Corp (HRL), Marvell Technology Inc (MRVL), Ollie’s Bargain Outlet Holding (OLLI), SentinelOne Inc (S), Ulta Beauty Inc (ULTA).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Economic Optimism Boosts Stocks

Brown-Forman Corporation (BF.B) has reported mixed first-quarter fiscal 2026 results, wherein the top line beat the Zacks Consensus Estimate, while the bottom line missed the same. Both sales and earnings declined year over year. The fiscal first-quarter results highlight the decisive actions the company has taken to strengthen its business amid a challenging environment. With superior innovation and bold route-to-consumer strategies, it has built resilience to navigate persistent headwinds while sustaining growth.
Reaffirming its fiscal 2026 outlook further reflects confidence in its strategy and brand portfolio. The company remains committed to driving consistent performance and delivering long-term value for shareholders.
Brown-Forman’s shares rose 4.6% following the first-quarter fiscal 2026 results and a retained outlook for fiscal 2026. This Zacks Rank #4 (Sell) company’s shares have lost 10.7% in the past three months compared with the industry’s 8% decline.
Image Source: Zacks Investment Research
In the fiscal first quarter, earnings per share (EPS) of 36 cents fell 13% year over year and lagged the Zacks Consensus Estimate of 37 cents.
Net sales of $924 million declined 3% on a reported basis but beat the Zacks Consensus Estimate of $911 million. On an organic basis, net sales rose 1% from the prior-year period. The decline in net sales was primarily due to the lapse of the prior-year transition services agreement (TSA) tied to Sonoma-Cutrer.
Brown-Forman Corporation Price, Consensus and EPS Surprise
Brown-Forman Corporation price-consensus-eps-surprise-chart | Brown-Forman Corporation Quote
Brown-Forman’s Margins & Expenses
In the fiscal first quarter, BF.B’s gross profit of $552 million declined 2% year over year on a reported and organic basis. However, the gross margin expanded 40 basis points (bps) to 59.8%, aided by acquisitions and divestitures. This gain was partly offset by higher costs, an unfavorable price/mix and adverse foreign exchange.
Selling, general and administrative (SG&A) expenses of $177 million declined 6% year over year on a reported basis and 7% on an organic basis. The decrease was primarily due to reduced compensation and benefit-related expenses.
Operating income decreased 7% year over year to $260 million on a reported basis. However, the organic operating income rose 2%. The operating margin of 28.2% contracted 140 bps from 29.6% reported in the year-ago quarter. The decline was mainly attributable to unfavorable foreign exchange, the absence of the prior-year franchise tax refund and restructuring impacts, partially offset by benefits from substitution drawback claims.
Understanding Brown-Forman’s Market Performance
In first-quarter fiscal 2026, net sales in the United States decreased 8% year over year on a reported basis and 2% on an organic basis, reflecting the absence of the prior-year Sonoma-Cutrer TSA, lower volumes of Jack Daniel’s Tennessee Whiskey and Herradura, and the conclusion of the Korbel relationship. These declines were partially offset by strong initial shipments of Jack Daniel’s Tennessee Blackberry and preparations for the Aug. 1, 2025, distributor transitions.
In developed international markets, net sales dipped 8% year over year and 9% on an organic basis, reflecting softer consumer demand amid ongoing macroeconomic and geopolitical pressures. The decline was led by reduced volumes of Jack Daniel’s Tennessee Whiskey in Germany and the U.K., and the absence of American-made spirits from retail shelves across most Canadian provinces. These headwinds were partially offset by favorable currency and the benefits of transitioning to an owned distribution model in Italy, which supported improved market presence and operational control.
Net sales in the emerging markets improved 20% on a reported basis and 25% on an organic basis, fueled by strong volume growth across the Jack Daniel’s family of brands, led by Brazil and Türkiye, with an added boost from higher distributor inventories. Double-digit gains in New Mix further supported the increase, though results were partially offset by unfavorable currency rates.
The Travel Retail channel net sales rose 8% on a reported basis and 7% on an organic basis, driven by increased volumes of Jack Daniel’s Tennessee Whiskey and Gin Mare. The increased volume was due to the timing of shipments and the positive currency effects.
A Peek at BF.B’s Brand Performance
In the fiscal first quarter, net sales for Whiskey products were flat year over year, both on a reported and organic basis, as strong initial shipments of Jack Daniel’s Tennessee Blackberry ahead of its launch and continued growth of Jack Daniel’s Tennessee Apple in Brazil were offset by lower volumes of Jack Daniel’s Tennessee Whiskey in the United States and Germany.
Net sales for the tequila portfolio fell 1% year over year on a reported basis but rose 1% on an organic basis. Herradura brand’s sales dropped 16% on a reported basis and 15% on an organic basis on softer U.S. volumes amid heightened category competition. Meanwhile, el Jimador’s net sales jumped 14% on a reported basis and 16% on an organic basis, supported by a refreshed bottle design, inventory builds tied to distributor transitions in 13 states, and the launch of the Cristalino expression.
The company witnessed year-over-year sales growth of 6% on a reported basis and 9% on an organic basis for the Ready-to-Drink (RTD) category. Sales for New Mix rallied 26% on a reported basis and 36% on an organic basis, led by category share gains, partly offset by FX headwinds. Jack Daniel’s RTD/Ready-to-Pours portfolio reported a sales drop of 2% on a reported basis and 1% on an organic basis, as Canadian declines outweighed U.S. growth.
The company’s rest of the portfolio sales plunged 27% year over year and 17% on an organic basis, reflecting the absence of Sonoma-Cutrer and Finlandia TSAs, and the end of the Korbel Champagne Cellars partnership. Offsetting factors included new agency brands in Japan and Mexico and Gin Mare growth in Italy.
BF.B’s Financial Health Snapshot
The company ended first-quarter fiscal 2026 with cash and cash equivalents of $471 million and long-term debt of $2.1 billion. Its total shareholders’ equity was $3.99 billion. As of July 31, 2025, BF.B had $160 million in cash from operating activities.
What to Expect From Brown-Forman in FY26?
For fiscal 2026, management projects the operating landscape to remain challenging with low visibility due to macroeconomic and geopolitical volatility. BF.B has been witnessing headwinds from consumer uncertainty, the potential impacts of presently unknown tariffs and reduced non-branded sales of used barrels.
Nevertheless, the company is focused on building the business in the long term and navigating the tough environment via its strategic initiatives. It expects growth, backed by the significant evolution of its U.S. distribution, the restructuring efforts and robust product innovations.
For fiscal 2026, Brown-Forman projects an organic net sales decrease in the low-single digit. Organic operating income is likely to decline in the low-single digit. The effective tax rate is expected to be 21-23% and capital expenditure is anticipated to be $125-$135 million.
Stocks to Consider in the Consumer Staples Space
Celsius Holdings Inc. CELH specializes in commercializing healthier, nutritional functional foods, beverages and dietary supplements. The company presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
CELH delivered a trailing four-quarter earnings surprise of 5.4%, on average. The Zacks Consensus Estimate for Celsius’ current financial-year sales and EPS indicates growth of 74.1% and 55.7%, respectively, from the year-ago reported numbers.
PepsiCo Inc. PEP is one of the leading global food and beverage companies. It currently has a Zacks Rank of 2 (Buy).
PepsiCo delivered a trailing four-quarter earnings surprise of 1%, on average. The Zacks Consensus Estimate for PEP’s current financial-year sales indicates growth of 1.3% from the year-ago reported number and that for EPS suggests a 1.8% decline.
Zevia PBC ZVIA focused on addressing health challenges resulting from excess sugar consumption by offering a portfolio of zero sugar, zero calorie, naturally sweetened beverages. It carries a Zacks Rank #2 at present.
The Zacks Consensus Estimate for ZVIA’s current financial-year sales and EPS implies growth of 3.8% and 48.4%, respectively, from the year-ago reported numbers. ZVIA delivered a trailing four-quarter average earnings surprise of 45.9%.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Brown-Forman Q1 Earnings Miss Estimates, Sales Beat on Portfolio Gains

In trading on Tuesday, beverages & wineries shares were relative laggards, down on the day by about 1.8%. Helping drag down the group were shares of Keurig DR Pepper, down about 5.6% and shares of Brown Forman off about 4.2% on the day.
Also lagging the market Tuesday are advertising shares, down on the day by about 1% as a group, led down by National Cinemedia, trading lower by about 5.5% and Yelp, trading lower by about 3.2%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tuesday Sector Laggards: Beverages & Wineries, Advertising Stocks

Brown-Forman Corporation (BF.B) is slated to release first-quarter fiscal 2026 results on Aug. 28. The alcoholic beverage bigwig’s revenues and earnings per share are expected to decline year over year in the fiscal first quarter. The Zacks Consensus Estimate for fiscal first-quarter revenues is pegged at $911 million, indicating a rise of 4.2% from the year-ago quarter’s actual.
The consensus mark for earnings is pegged at 37 cents per share, indicating a decrease of 9.8% from the year-ago period’s reported number. Earnings estimates for the fiscal first quarter have been unchanged in the past 30 days.
In the last reported quarter, the company’s earnings missed the Zacks Consensus Estimate by 13.9%. In the trailing four quarters, BF.B delivered an earnings surprise of 1.1%, on average.
What the Zacks Model Unveils
Our proven model does not conclusively predict an earnings beat for Brown-Forman this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here. You can uncover the best stocks before they are reported with our Earnings ESP Filter.
Brown-Forman has an Earnings ESP of -3.62% and a Zacks Rank of 4 (Sell).
Key Factors Likely to Affect BF.B’s Q1 Results
Brown-Forman has been benefiting from its premiumization strategy and strong brand investments. Its premium and super-premium brands have supported its performance for some time. BF.B is advancing its pricing strategy, global expansion and revenue-growth management initiatives. The company has been gaining traction from portfolio evolution, Jack Daniel's Country cocktail business model change and strong price mix.
BF.B has been taking actions to optimize its wood supply-chain strategy and improve operating costs. Gains in the international markets and the normalizing distributor inventory trends on a year-over-year basis will further aid. The impacts of such factors, coupled with gains across its premium and super-premium brands, diverse portfolio and extensive geographic reach, are likely to get reflected in the company’s top-line results in the fiscal first quarter.
Brown-Forman plans to leverage disciplined cost management throughout fiscal 2026, targeting lower operating expenses even as it continues to invest behind its brands. Management expects a modest reduction in SG&A, driven by strategic workforce initiatives implemented in fiscal 2025, actions that should yield annualized savings of roughly $70-$80 million, while supporting key marketing and innovation programs. Gains from the decline in operating expenses are expected to have benefited the margins and the bottom line in the to-be-reported quarter.
Brown-Forman Corporation Price and EPS Surprise
However, Brown-Forman anticipates a challenging operating environment throughout fiscal 2026, with limited visibility, driven by ongoing macroeconomic and geopolitical uncertainty. A tepid macroeconomic landscape, including softened consumer demand and dampened discretionary spending across key markets, has been weighing on Brown-Forman’s quarterly performance.
Additionally, Brown-Forman’s margin performance has deteriorated meaningfully, reflecting both cost pressures and evolving portfolio dynamics. Looking ahead, the company expects margin headwinds to persist due to the ramp-down of high-margin used barrel sales, the transition to new U.S. distributors and the growing mix of lower-margin RTD offerings — risks that can weigh on profitability even if top-line growth returns.
Brown-Forman is contending with consumer caution, the looming threat of new tariffs, and a downturn in non-branded used-barrel sales. The company expects consumer behavior and trade inventory levels to remain largely unchanged throughout fiscal 2026. The impacts of these trends are expected to be evident in the company’s margin and bottom-line results in the to-be-reported quarter.
BF.B’s Stock Performance & Valuation Picture
From a valuation perspective, Brown-Forman’s shares trade at a premium relative to the industry benchmarks. It has a forward 12-month price-to-earnings ratio of 18.61X, which is higher than the Beverages - Alcohol industry’s average of 15.24X.
Image Source: Zacks Investment Research
The recent market movements show that BF.B’s shares have lost 7.9% in the past three months compared with the industry's 5.5% decline.
Image Source: Zacks Investment Research
Stocks With the Favorable Combinations
Here are a few more companies, which, according to our model, have the right combination of elements to post an earnings beat:
The J. M. Smucker Co. SJM currently has an Earnings ESP of +0.91% and a Zacks Rank of 3. The company is likely to register a decline in its bottom line when it reports first-quarter fiscal 2026 numbers. The Zacks Consensus Estimate for SJM’s quarterly revenues is pegged at $2.1 billion, which indicates a 0.02% rise from the prior-year quarter’s actual. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for J. M. Smucker’s quarterly earnings per share has moved up 2.1% in the past 30 days to $1.95, indicating a 20.1% decrease from the year-ago period’s reported figure. SJM has a trailing four-quarter earnings surprise of 8.7%, on average.
The Kroger Co. KR currently has an Earnings ESP of +0.29% and a Zacks Rank of 3. The company is likely to register growth in its top and bottom lines when it reports second-quarter fiscal 2025 numbers. The Zacks Consensus Estimate for Kroger’s quarterly revenues is pegged at $34.1 billion, which indicates an increase of 0.6% from the prior-year quarter’s actual.
The consensus estimate for Kroger’s quarterly earnings per share has moved up by a penny in the past seven days to $1.00, indicating 7.5% year-over-year growth. KR has a trailing four-quarter earnings surprise of 1.4%, on average.
The Coca-Cola Company KO currently has an Earnings ESP of +0.03% and a Zacks Rank of 3. The company is likely to register increases in the top and bottom lines when it reports third-quarter 2025 numbers. The consensus estimate for Coca-Cola’s quarterly revenues is pegged at $12.5 billion, which implies an increase of 5.6% from the prior-year quarter’s actual.
The Zacks Consensus Estimate for Coca-Cola’s quarterly earnings per share has been unchanged in the past 30 days at 78 cents, indicating a 2.6% increase from the year-ago period’s reported figure. KO has a trailing four-quarter earnings surprise of 4.9%, on average.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Brown-Forman Q1 Earnings: Will Brand Strength Outweigh Margin Woes?

This morning a "Potential Dividend Run Alert" went out for Brown-Forman Corp (NYSE: BF.B), at our DividendChannel.com Dividend Alerts service (a free email alerts feature). Let's look at the situation in greater detail, shall we?
First of all, what is a "Dividend Run" anyway? This is an interesting concept which we first learned about at a past ValueForum conference. And to best explain the concept, we need to start with the expected behavior of a stock on its ex-dividend date.
For anyone unfamiliar with the term, the ex-dividend date marks the trading day when any buyer of the stock is no longer entitled to the referenced dividend — in other words, to be eligible to receive the dividend in question, one would have had to purchase their shares before the ex-dividend date.
All else equal, the stock price would be expected to drop by the dividend amount on that ex-date (remember, that's "all else equal" and naturally other factors will drive stocks higher/lower on any given day). But think about it: if a buyer is entitled to a 0.227 dividend before ex-date, but no longer entitled to that amount on or after ex-date, then this drop makes perfect sense! Because if the shares didn't drop by that same 0.227 the next day, then effectively, buyers would effectively be paying 0.227 more for the same share of stock.
But now think about this: if a stock is expected to drop by the dividend amount (all else equal) on ex-date, then in turn, shouldn't that stock be expected to rise sometime ahead of a dividend? After all, if a dividend-paying stock didn't ever rise and only fell on each and every ex-date, then eventually after enough dividend payments those shares would have fallen to zero. And that wouldn't make any sense for a company continually earning money and paying dividends. So indeed, "sometime" before a given dividend, there should be sort of a built-in "pressure" for a stock to gradually rise in expectation of that next cash dividend... in other words: pressure for the stock to have a potential Dividend Run.
And notice we put the word "sometime" in quotes in that last sentence, because there are differing views among different dividend investors about timeframe when it comes to capturing Dividend Run effects. Some like to invest (and then also to sell) on specific target dates; others like to employ some form of dollar cost averaging. Some like to invest shortly before ex-div, hold for the dividend, and then sell on or after ex-date (having actually capturing the dividend / received the income). Others like to sell the day before ex-date (the last possible day where the buyer of the shares will still be "paying for" the upcoming dividend) with the idea to try and maximize capital gain. In this capital-gain-focused scenario, one common timeframe we've seen discussed, is to buy about two weeks (ten trading days) prior to the targeted sale date.
For example, consider the 0.227/share BF.B dividend that went "ex-dividend" on 03/07/25. On the prior trading day — the last day where a seller knows that the buyer of their shares will be expecting that dividend amount — shares of BF.B closed at 35.78. And two weeks (ten trading days) prior to that, on 02/20/25, shares closed at a price of 30.98. That means that in the final two-week run-up to the 0.227 dividend, BF.B gained 4.80 in price.
Looking back at the last four dividends paid by BF.B, this strategy would have captured a capital gain in excess of the dividend 3 out of 4 times, with a "Divvy Run" total of +4.17 in capital gains. Incidentally, that exceeds the sum total dividend amounts across those last four dividends, of 0.899. Here's the data:
06/09/25
0.227
05/22/25
34.23
06/06/25
28.11
-6.12
03/07/25
0.227
02/20/25
30.98
03/06/25
35.78
+4.80
12/06/24
0.227
11/20/24
40.30
12/05/24
45.38
+5.08
09/03/24
0.218
08/16/24
45.18
08/30/24
45.59
+0.41
Div Total:
0.899
"Divvy Run" Total:
+4.17
In about two weeks from now, Brown-Forman Corp (NYSE: BF.B) will go ex-dividend for its latest dividend of 0.227/share. Will Dividend Run history repeat itself?
Upcoming Dividend: 0.227/share
Ex-Div Date: 09/03/25
Payment Date: 10/01/25
Dividend Frequency: Quarterly
Full BF.B Dividend History »
As the saying goes, past performance is never a guarantee of future returns. But one thing's for sure: for those investors who count Dividend Runs among the tools in their arsenal, BF.B is a good dividend stock to know about and have on your radar screen with its implied annualized yield of 2.97%.
Stay tuned for future Dividend Run candidates, and if you'd like to receive email alerts right into your inbox, enroll in our free Dividend Alerts feature, courtesy of DividendChannel.com.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Upcoming Dividend Run For BF.B?

Key Points
Brown-Forman has struggled with weak consumer sentiment and impacts of the trade war.
The purveyor of Jack Daniel's and other spirits reported declines in sales and profits last year.
The impact of tariffs could get worse after the latest announcements from President Trump.
Brown-Forman (NYSE: BF.B) might be the first name in whiskey with brands like Jack Daniel's, Woodford Reserve, and Old Forester, but the distiller is close to last when it comes to the stock market. Over the past three years, the stock is down 63%, plunging through 2023 and 2024, even when the broad market was soaring.
Through 2025, the stock has continued to struggle, plagued by consumer tastes shifting away from whiskey and alcohol more generally, and concerns about tariffs as American spirits have been a primary target for foreign countries looking to punish American businesses for placing tariffs on their exports.
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As you can see from the chart below, the stock is down sharply this year and has woefully underperformed the S&P 500 year to date.
What's ailing Brown-Forman?
It's been a tough few years for the alcohol sector in general as health-related concerns around drinking, the rise of mocktails, and Gen Z preferences are putting pressure on demand for spirits. Additionally, Brown-Forman has been a target in the trade war due to a stable of well-known American brands like Jack Daniel's.
The company has continued to post revenue and profit declines. In the third quarter of its fiscal 2025, which ended on Jan. 31, revenue fell 3% to $1.04 billion and net income slipped 6% to $270 million.
As you can see, Brown-Forman is still highly profitable thanks to the strength of its brands, but factors outside of its control are weighing on the business.
Those trends continued into the fourth quarter as revenue fell another 7% to $894 million, though adjusting for a $177 million gain on the sale of its Sonoma-Cutrer wine business in the quarter the year before, operating income was up slightly from $198 million to $205 million.
A closer look at the numbers shows that the company is struggling with broad-based headwinds. Management said the operating environment remained challenging due to "ongoing macroeconomic and geopolitical uncertainties."
Revenue was down in all of its geographies, though mostly from its divestitures of Finlandia and Sonoma-Cutrer, while gross margin declined 150 basis points. Whiskey sales were a relative bright spot at flat for the year, though other beverage categories, including tequila, ready-to-drink, and the rest of its portfolio were all down.
What's next for Brown-Forman?
A mix of weakening consumer sentiment and trade issues have weighed on Brown-Forman so far this year, and that seems unlikely to change anytime soon. President Donald Trump has just issued a new round of tariffs on several major markets for the company, including the European Union.
Meanwhile, the June Consumer Price Index showed price increases are accelerating again -- reflecting the tariffs that have already gone into effect and indicating the recent challenges facing the company could get worse. Rising prices, for example, could lead some customers to trade down to cheaper alternatives.
Brown-Forman's own guidance called for organic sales and operating income to decline by low single digits for fiscal 2026.
For investors, there's not much to get excited about here. While Jack Daniel's is one of the biggest brands in spirits and makes up more than half of the company's volume sales, without growth the business can do little more than generate profits to be returned as dividends.
The company also did not repurchase many shares, showing it's not trying to take advantage of the beaten-down stock price that way -- using its profits to reduce shares outstanding and lift earnings per share.
At a price-to-earnings ratio of 15 and a dividend yield of 3.4%, Brown-Forman offers reasonable value and a decent dividend. But without a significant change in trade policy or a shift in consumer tastes, the stock is likely to continue to struggle for the foreseeable future.
Should you invest $1,000 in Brown-Forman right now?
Before you buy stock in Brown-Forman, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Brown-Forman wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $652,133!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,056,790!*
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Jeremy Bowman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

What Happened to Brown-Forman This Year?

Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. For the Vanguard Consumer Staples ETF (Symbol: VDC), we found that the implied analyst target price for the ETF based upon its underlying holdings is $242.79 per unit.
With VDC trading at a recent price near $218.57 per unit, that means that analysts see 11.08% upside for this ETF looking through to the average analyst targets of the underlying holdings. Three of VDC's underlying holdings with notable upside to their analyst target prices are Constellation Brands Inc (Symbol: STZ), Brown-Forman Corp (Symbol: BF.B), and J&J Snack Foods Corp. (Symbol: JJSF). Although STZ has traded at a recent price of $161.53/share, the average analyst target is 28.82% higher at $208.09/share. Similarly, BF.B has 27.62% upside from the recent share price of $26.06 if the average analyst target price of $33.26/share is reached, and analysts on average are expecting JJSF to reach a target price of $137.00/share, which is 21.51% above the recent price of $112.75. Below is a twelve month price history chart comparing the stock performance of STZ, BF.B, and JJSF:
Below is a summary table of the current analyst target prices discussed above:
Name
Symbol
Recent Price
Avg. Analyst 12-Mo. Target
% Upside to Target
Vanguard Consumer Staples ETF
VDC
$218.57
$242.79
11.08%
Constellation Brands Inc
STZ
$161.53
$208.09
28.82%
Brown-Forman Corp
BF.B
$26.06
$33.26
27.62%
J&J Snack Foods Corp.
JJSF
$112.75
$137.00
21.51%
Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Do the analysts have a valid justification for their targets, or are they behind the curve on recent company and industry developments? A high price target relative to a stock's trading price can reflect optimism about the future, but can also be a precursor to target price downgrades if the targets were a relic of the past. These are questions that require further investor research.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Implied VDC Analyst Target Price: $243

Stocks have rallied in the last month on signs that the economy has thus far been resilient to tariffs and on hopes that the U.S. and China can negotiate a trade agreement. However, not every stock has been a winner.
Let's take a look at two of the worst-performing stocks on the S&P 500 (SNPINDEX: ^GSPC) over the last month to see if either of them is worth buying.
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1. Enphase Energy
Enphase Energy (NASDAQ: ENPH), a leading maker of microinverters used with solar panels, took a dive on Tuesday, as the Senate kept cuts to wind and solar energy incentives that were in the House version of the tax and budget bill.
Enphase was one of several solar stocks that tumbled on the news, falling 24%, and as of June 17, it's down 30.7% over the last month.
That performance continues a weak run for the stock, which is down over the last five years, as solar stocks have struggled due to competition from China, a volatile regulatory environment, and falling prices.
Enphase reported first-quarter earnings in April, with solid top-line growth of 35% to $356.1 million and a profit of $29.3 million. Nonetheless, an end of regulatory credits could put significant pressure on its business.
2. Brown-Forman
Brown-Forman (NYSE: BF.B), maker of Jack Daniel's and other spirits, has also struggled due to regulatory challenges. In Brown-Forman's case, it's due to tariffs imposed on American whiskey exports, impacting its top brands, which also include Woodford Reserve. As of June 17, the stock was down 28.5% over the last month.
In its first-quarter earnings report, the company said that revenue fell 7%, or 3% on an organic basis.
Brown-Forman also said it named new distributors in 13 markets across the U.S., part of an effort to deliver a boost to domestic sales.
Still, with geopolitical pressure on American spirit brands, and broader weakness in the category, Brown-Forman seems likely to continue to struggle.
Should you invest $1,000 in Brown-Forman right now?
Before you buy stock in Brown-Forman, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Brown-Forman wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $658,297!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $883,386!*
Now, it’s worth noting Stock Advisor’s total average return is 992% — a market-crushing outperformance compared to 172% for the S&P 500. Don’t miss out on the latest top 10 list, available when you join Stock Advisor.
See the 10 stocks »
*Stock Advisor returns as of June 9, 2025
Jeremy Bowman has no position in any of the stocks mentioned. The Motley Fool recommends Enphase Energy. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.